Some have asked questions on $now which i'd say are more saas/ai rabbit hole. That's not the point i'm making here. This stock on par w $twlo and now below $okta on ev/sales. Yes, its deceled but its also $16 bl biz. $panw grew organic rev 14% last q and has blown out to like 30x sales. $crwd at 25% is in the stratosphere now. These wild multiple expansion moves have largely been driven by surface area/substrate bets ahead of agentic world and security concerns. This is where i take issue as some of names being rewarded have either made dubious strategic moves or pretty much telling a meh story. Like okta moves at the speed of human hr department and is totally the wrong architecutre for agentic. It's very hard to listen them talk about going into a client and being surprised that instead of 200 nhi they have 2000. You really think a sub-agent will be governed same way as a human; i don't? And have you done cyberark customer calls lately? I can tell you that if you have you are not going to be bouncing of the walls that PAM+ prisma solves everything let alone screaming the P word all the way to 40x rev. Now I definitely am not saying servicenow figured this shit out but today it looks like they spent the critical window crafting the actual substrate to transform the platform for an agentic world with real-time asset intelligence (Armis), the permission graph (Veza), and agent telemetry standard (Traceloop). Add in operational db to make this all work in real-time and you would think they would get some sort of surface area benefit of the doubt on the security/identity/goverance/risk side agentic. And they blew up the catalogue and went all in on packaging going forward so they are not selling u AI in so much as they are just saying they are evolving for u and this is how it will be consumed going fwd which btw is where everyone is gonna end up anyway. My 2c is so many of the names bid up recently gonna get so nuked and i think $now actually comes out far cleaner on the other side. That said this is a discounting exercise and all i'm arguing is right now this seems way off. They deserve way more of surface area/subtrate multiple then they are getting.